Medical diagnostics company Visby Medical raised $100 million in a Series E round earlier this year. Today the company informed me that it has extended this round for an additional $35 million at the same value as the rest of the round. This funding will allow Visby Medical to scale production capacity from tens of thousands to hundreds of thousands of monthly tests. It will also continue to expand its product lineup to include COVID + influenza A/B combination tests, antimicrobial resistance panels and the delivery of PCR diagnostics to consumers at home.
“The valuation is just over $1 billion when cashed in,” a company spokesman told TechCrunch via email. “The extension has the same valuation as the rest of the round, which we believe shows they are long-term investors who are unaffected by short-term fluctuations in public markets.”
The company told me it was deliberately looking for investors willing to continue investing for the long term. The original $100 million was led by Ping An Voyager Partners and supported by the Healthcare of Ontario Pension Plan (HOOPP). The round also included participation from existing investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and Nissim Capital.
The renewal round for an additional $35 million was led by Lightrock, who joined existing Series E investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and J Ventures .
“At Visby Medical, we are revolutionizing patient care by developing diagnostics that enable healthcare providers to test for any infection, anytime, anywhere,” Adam de la Zerda, PhD, Visby Medical’s founder and CEO, said in a statement to TechCrunch. “Especially during these times of market downturn, our investors have shown great confidence in Visby’s innovative technology and mission. This funding will enable us to achieve our goal of providing the world’s first instrument-less, handheld PCR platform, enabling anyone who needs it to test for a wide range of serious infections accurately and quickly.”
Visby’s PCR diagnostic technology is being developed in multiple therapeutic areas and aims to address a critical and growing global need: combating the significant rise in infectious diseases, including rapid point-of-care STI testing solutions.
The funding shows there’s still money out there, and it’s heartening to see that companies are more willing to announce both round extensions — traditionally frowned upon by the investment community — and valuations as part of their funding journey.
https://techcrunch.com/2022/06/30/visby-medical-series-e-extension/ Visby Medical tests positive for a Series E extension at $1B+ valuation – TechCrunch